Seven Hills client Simply Business today announced its acquisition by US insurance giant Travelers in a deal that values the business at $490m. The deal comes as insurers rush to increase their technology capabilities, investing heavily in ‘insurtech’ start-ups and more established online insurers.
Speaking to the Financial Times, Simply Business CEO, Jason Stockwood said: “The plan is to significantly enhance our opportunity in the US and internationally. We launched in the US six months ago. We’re very bullish about the US. It’s about [Travelers] backing us.”
Simply Business is one of the fastest growing tech businesses in the UK, as recognized by The Sunday Times “Tech Track 100” and the Deloitte Technology Fast 500 EMEA. The company was also named the “Best Company to Work For” by The Sunday Times in 2015 and 2016.
See more: Financial Times, Business Insider UK, City A.M., Insurance Post